India's top automobile maker Mahindra and Mahindra has decided to make an investment of Rs 250 crore in aerospace business.

Mahindra Group Vice-Chairman and Managing Director Anand Mahindra made this declaration on Saturday.

While talking to reporters on the sidelines of a function, Mr. Anand stated that they are ready to invest Rs 150 crore in component business and Rs 100 crore in aircraft manufacturing.

"There are huge opportunities in aerospace and this is a growing area. The opportunities in aerospace sector are unlimited and it is going to be next front for Mahindra," Mr. Anand said.

Stating that it would help in adding up to the value chain, he said that they plan to set up this business brick-by-brick and concentrate on building up the business by the next two to three years.

M&M was eyeing opportunities in both defence and civil segment.

"We want to build capabilities and a stable of products because as the opportunties grow we should not be found wanting," Mr. Anand added.

Mahindra and Mahindra has purchase a majority stake in Australia's aerospace company Gippsland Aeronautics and Aerostaff Australia, a component manufacturer. (With Inputs from Agencies)